Economy overview: Exploration and exploitation of large oil fields have contributed to the strong economic growth of recent years. The timber industry, agriculture and fisheries also generate a large share of the GDP. Subsistence farming prevails. Although Equatorial Guinea previously earned foreign exchange earnings primarily from cocoa production before independence, the destruction of the economy under brutal regimes has reduced the potential for agricultural growth. Several World Bank and IMF assistance programs were terminated in 1993 due to government corruption and mismanagement. Most businesses are owned by government officials and their families. Deposits of titanium, iron ore, manganese, uranium, alluvial gold are not being developed. The devaluation of the currency in January 1994 was favorable for the country. See cheeroutdoor.com to know more about Equatorial Guinea Business.
GDP: at purchasing power parity – $960 million (2000 est.).
Real GDP growth rate: 12% (2000 est.).
GDP per capita: at purchasing power parity – $2,000 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 20%; industry: 60%; services: 20% (1998 est.).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; 10% of the wealthiest families: no data.
Inflation rate at consumer prices: 6% (1999 est.).
Labor force: no data.
Unemployment rate: 30% (1998 est.).
Budget: revenues: $47 million; expenses: $43 million, including capital expenditures of $7 million (1996 est.).
Economic sectors: oil production, fishing, sawmilling, natural gas production.
Growth in industrial production: 7.4% (1994 est.).
Electricity generation: 21 million kWh (1999).
Sources of electricity generation: fossil fuels: 85.71%; hydropower: 14.29%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 19.5 million kWh (1999).
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: coffee, cocoa, rice, yams, cassava (tapioca), bananas, palm oil; livestock; wood.
Export: $860 million (free on board, 1999)
Export articles: oil, timber, cocoa.
Export partners: USA 62%, Spain 17%, China 9%, France 3%, Japan 3%, (1997).
Imports: $300 million (free on board, 1999)
Imports: oil, manufactured goods and equipment.
Import partners: US 35%, France 15%, Spain 10%, Cameroon 10%, UK 6% (1997).
External debt: $290 million (1999 est.) Economic aid recipient: $33.8 million (1995)
Donor Economic Assistance:
Currency: franc of the African Financial Union (CFA franc, Communaute Finan-ciere Africaine franc); note – the circulation of the CFA franc is regulated by the Central Bank of West African countries.
Currency code: XOF.
Exchange rate: XOF/USD – 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996); note: since January 1, 1999, the CFA franc has been exchanged for the euro at a ratio of 655.957 CFA francs to 1 euro.
Fiscal year: April 1-March 31.
Telecommunications Telephone lines: 4,000 (1996).
Mobile cellular phones: no data available.
Telephone system: underdeveloped system with satisfactory government communications; internal: no data; international: from Bata and Malabo with African and European countries; satellite earth station: 1 Intelsat (Indian Ocean).
Broadcast stations: AM – 0, FM – 2, shortwave -4 (1998).
Radio receivers: 180,000 (1997).
Television broadcast stations: 1 (1997).
Televisions: 4,000 (1997).
Internet country code: gq
Internet service providers: 1 (2000).
Number of users: 500 (2000).
Transport Railways: total: 0 km.
Motorways: total: 2,880 km; coated: 0 km; unpaved: 2,880 km (1996 est.).
Ports and harbours: Bata, Luba, Malabo.
Merchant fleet: total: 12 ships (displacement 1,000 tons or more) with a total displacement of 26,035 gross register tons / 27,927 long tons of gross tonnage; ships of different types: dry cargo ships – 1, cargo ships – 7, combined dry cargo ships – 1, passenger ships – 2, cargo-passenger ships – 1 (2000 est.).
Airports: 3 (2000 est.).
Airports with paved runways: total: 2; from 2438 to 3047 m:1; from 1524 to 2437 m: 1 (2000 est.).
Airports with unpaved runways: total: 1; less than 914 m: 1 (2000 est.).
Branches of the Armed Forces: Army, Navy, Air Force, Rapid Reaction Forces, National Police.
Total military manpower: male 15 to 49: 108,973 (2001 est.).
Eligible for military service: men aged 15 to 49: 55,347 (2001 est.).
Number of persons reaching military age each year:
Military spending in dollar terms: $3 million (FY97-98).
Military spending as part of GDP: 0.6% (FY97-98)
International problems International disputes: dispute with Gabon over ownership of the islands in Corisco Bay; a trilateral dispute over maritime boundaries and economic zones with Nigeria and Equatorial Guinea is now pending before the International Court of Justice.
lways: 0 km.
Motorways: total: 240 km; coated: 42 km; unpaved: 198 km (1996 est.).
Ports and harbours: Colonna (Yap), Colonna (Ponape), Lele, Moen.
Merchant fleet: none (2000 est.).
Airports: 7 (2000 est.).
Airports with paved runways: total: 6; from 1,524 to 2,437 m: 4; from 914 to 1523 m: 2 (2000 est.).
Airports with unpaved runways: total: 1; from 914 to 1523 m: 1 (2000 est.).